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St. Louis Mortgage Guide

You've decided you’re ready to invest in your future. The first step to the home buying process is knowing how much you can afford. You need to understand what lenders are looking for. Three main factors that help determine if you qualify for home financing are: income, assets, and credit history.

GETTING STARTED

INCOME

Most loan programs require the lender to verify all of your income sources. Typically you will need to provide paystubs, your W-2, and copies of your tax returns.

ASSETS

A critical piece in the mortgage loan application process is to verify the sources for your down payment, closing costs, and assets, as well as documenting income and debts.

CREDIT HISTORY

All lenders review a borrower's credit history to determine the type of credit used, the amount owed, and the borrower's history of repaying debt.

HOME LOAN PROCESS

LOAN APPLICATION

This is when your lender takes your application and reviews your credit history. They will also discuss your reasons for homeownership. This information is helpful when evaluating which loan fits your needs the best.

LOAN CHOICES

With so many loan programs to choose from, it can be difficult deciding which loan is best for you. During the application process, your lender will walk you through all of the options in order to match your needs with the best loan program.

SECURE RATE

If you have a Purchase and Sale Agreement, you can lock-in your interest rate. In most instances, you have the choice to either lock your loan at a set rate and fee for up to 30, 45, or 60 days, depending on the lock-in period you’ve selected, or you can let the loan float. Your lender can help you decide, but the final decision is up to the borrower.

LOAN PROCESSING

Once you have completed and signed your loan application, your lender will work with you every step of the way to get your loan approved and closed in a timely fashion. After you have provided the necessary financial information, your lender will arrange for an independent appraisal and preliminary title report.

UNDERWRITING

In many cases, loan approval can be completed at the time of application. For certain loan programs, your loan file is sent to an underwriter for review. Your underwriter may request more specific details about the property or your financial information before approving a loan.

CLOSING PREPARATION

After your loan package is complete, the file is prepared for closing and sent to your closing agent.

SIGN

Your closing agent will call you to set up an appointment to sign the final papers. At that time, you will be asked to bring a certified check for the closing costs and down payment. After you sign, the closer will prepare the final loan papers so that they can be legally recorded.